Today, we’re excited to announce that we’ve raised a $51 million Series B led by Accel. Existing investors Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners also joined the round.
We designed Unit to be the simple and robust platform to empower the next generation of fintech builders, and we’ve grown fast since launching out of stealth last year. Companies have been able to take advantage of our unique approach – a modern tech stack built on a native ledger, streamlined compliance, and built-in bank relationships – to launch in as little as four weeks.
In the last three months alone, we’ve seen deposit volume grow by over 300%, and banked end-customers by 600%. We continue to be inspired by what both young and established companies have built on Unit, and we plan to continue sharing their stories with the world.
After interacting with hundreds of builders, we believe even more strongly that the next decade in fintech will be defined by tech companies using their unfair advantage — the flywheel of distribution, trust, software, and data — to launch massively successful fintech products in their verticals. Our mission continues to be helping these companies bring those products to life, unlock value, and expand financial access for all.
The new round will help us expand into more financial products, more integrations (see our recent announcements with Plaid and Allpoint), and a richer feature set, including SDKs and front-end components. All of our initiatives, from new product features to content, are designed to make it even easier for companies to launch new banking products.
To that end, today we are also announcing the launch of Unit Go, the first-in-market solution that will allow companies to create live bank accounts and issue physical and virtual cards in minutes. Founders and developers will now have the ability to sign up for a free account, build in Unit’s live environment, and instantly test their products using real funds. Unit Go is currently in beta and will be publicly available in the fall of 2021. You can sign up here.
The most rewarding thing about building modern infrastructure is being able to lift the standards of an entire ecosystem. We continue to be amazed by the large number of valuable products that Unit enables, the work of our clients, and the impact that they have on the lives of individuals and businesses in dozens of verticals.
We love the work that goes into building Unit and the people we work with. We are hiring across the board. If you want to join us on our journey, check out our open positions.
Lastly, to our customers, partners, investors, and our team: thank you for your ongoing trust and commitment. We are excited for what’s ahead and can’t wait to see what the world builds on Unit.
Itai, Doron, and the Unit team
PS: You can learn more about why Accel is excited about Unit on their blog.
June 17, 2021